On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to Norman Company. The face value was $9,000, and it had a stated 6% annual rate of interest. Kotler Company made the required accrual on December 31.
On February 1, the entry to record the collection of the note should include:

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The Answer of On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to Norman Company. The face value was $9,000, and it had a stated 6% annual rate of interest. Kotler Company made the required accrual on December 31.
On February 1, the entry to record the collection of the note should include:

On November 1, Kotler Company Accepted a 3-Month Note Receivable